Biden Adviser Sperling: Reconciliation Bill Doesn’t Raise Tax Rates, It Just Requires Paying ‘Minimal Fair Share’ to Generate Revenue

On Thursday’s broadcast of CNN’s “The Lead,” Senior Adviser to President Joe Biden Gene Sperling claimed that the reconciliation deal announced by Senate Democrats “doesn’t really raise” tax rates, because it just says that large companies have to “pay some minimal fair share,” the funds from which will be used “to provide these benefits, these incentives for job growth here and production in the United States” and to reduce the deficit.

Sperling stated, “So, by simply making the most well-off corporations pay some minimal fair share, we’re able to use [those] funds to provide these benefits, these incentives for job growth here and production in the United States. At the same time, we’re paying for them and actually bringing down the deficit.”

Host Jake Tapper then said, “But Gene, the U.S. Chamber of Commerce released a statement saying, ‘This legislation includes taxes that would discourage investment and undermine economic growth, and price controls that would limit American innovation. Both will make our economic problems worse.'”

Sperling responded, “I have to say, all this bill does really is just — it doesn’t really raise rates, it just says, if you’re a large company and you’re claiming over $1 billion of profits to your shareholders, you should pay at least 15%. I don’t think most people would think that was unfair, when that’s what every other American has to do.”

Follow Ian Hanchett on Twitter @IanHanchett

.

Please let us know if you're having issues with commenting.